ABI Multifamily brokers’ $28M sale of Scottsdale apartments

Morningside Apartments in Scottsdale. (Submitted photo)

Morningside Apartments in Scottsdale. (Submitted photo)

ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the $28,000,000/$175,000 per unit sale of the 160-unite, Morningside Apartment Homes in Scottsdale.

Morningside, originally built in 1989, features 1, 2 and 3-bedroom units with a weighted average size of approximately 1,019 square feet and full size washer/dryer in each unit.

The seller, FSC Realty, in the past two years completed over $600K in exterior and interior renovations to Morningside, prior to this current sale, according to a press release.

“This is an amazing deal, for both buyer and seller,” stated Alon Shnitzer, senior managing partner at ABI, in the release. “The buyer, Wood River Properties, wanted to find a stable, high quality asset to purchase after their recent Sonoran Ridge and Quail Canyon Apartments sales. This acquisition of Morningside offers them an extremely low density, best-in-class, stable asset, with the additional upside of completing the balance of the interior renovations and significant redevelopment upside should the landsite at Morningside ever built-out to its existing high density R-5 zoning designation. In March of 2013 the current seller, FSC Realty, purchased Morningside from the largest REIT in the nation. It was a tremendous purchase, as they paid $21,600,000 at that time, and through the renovation upside had instantaneous equality in the property.”

The property is located in the Scottsdale Ranch Master Planned Community, according to the release.

Morningside Apartments Pic 2The Scottsdale Ranch Community offers residents tremendous recreation opportunities including: The 42-acre man-made Lake Serena with boating and fishing activities, as well as a fully appointed community center. Directly across the street from Morningside are the Via Linda Senior Center, Scottsdale Ranch Park and Tennis Center, Boys & Girls Club of Greater Scottsdale, Laguna Elementary School and MVLL AAA Baseball Field, stated the release.

Additionally, the property is only minutes from major transportation corridors, Loop 101 and Shea Boulevard, which provide direct access to all of Scottsdale’s dining, entertainment and the Scottsdale-Shea Regional Hospital, according to the release.

The buyer in this transaction is an experienced Phoenix Metro multifamily investor, Wood River Properties, based in Santa Monica, Calif.

Wood River Properties was also represented by ABI Multifamily in the sale of the Sonoran Ridge Apartments, for Lennar Multifamily’s Tempe assemblage site – The Motely and in the sale of Quail Canyon Apartments to Canada-based, Living Wells Homes, just last month, stated the release.

The seller in this transaction is Beverly Hills, Calif.-based, FSC Realty. FSC Realty, LLC, a privately owned limited liability company is an operating partner/owner of apartments, shopping centers and office buildings. Guided by Stanley R. Fimberg and his partner, Albert A. Baril, have over 50 years of experience in the acquisition, ownership, management, financing and disposition of all the above property types.

The Phoenix based ABI Multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Change represented both buyer and seller in this transaction, according to the release.

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